Seaview Hotel and Golf Club to Lay-off 229 Workers
Two months after being sold by Stockton University, the new owners of Seaview Hotel and Golf Club plan to lay off 229 employees in late November.
Stockton's sale of the hotel and golf club to KDG Capital, a real estate private equity firm based in Tampa, Fl. became final on July 31.
In late September, KDG Capital notified the 229 Seaview employees through the Worker Adjustment and Retraining Notification Act, or WARN of the pending layoffs. Under WARN, employers must provide 60 days’ notice of mass layoffs, according to the state Department of Labor.
Early in 2018, Stockton decided to sell the Seaview property in Galloway as they prepared to open the school's recently completed Atlantic City campus, and given the ongoing expense of maintaining Seaview.
Stockton University sold the Seaview Hotel & Golf Club to KDG Capital for $21 million, or $1 million more than what it originally paid for the property, with the new company saying they planned to renovate the rooms, according to The Press of Atlantic City.
The Seaview Golf Club will continue to host the Ladies Professional Golf Association under the existing sponsorship agreement that extended the tournament to 2023.